retaining employees

Retaining employees. It’s not all about the money Slide 1

Retaining employees.

It’s not all about the

money


Money talk

When it comes to jobs, pay is an important factor. That’s why in an ideal world you would pay slightly above the industry rate to attract and keep the very best employees.

But in a world of big business, and big pay, how can smaller companies compete?

Thankfully money isn’t everything. There are plenty of things small businesses can do to zattract and retain the best.

£££


The reasons employees leave jobs

For a more challenging role (41%)

To seek an easier role (39%)

A better work/life balance (38%)

Higher pay (21%)

Seek a company with better leadership (21%)

More recognition/rewards (6%)

Bu-bye!


Why money doesn’t work in the long term

Financial incentives are important for employees but a pay boost can only be short-lived because a worker’s outgoings will then expand to match their increased salary.

So how do smaller businesses retain the best?

Trust.


Probation

You could give them a final opportunity to improve their perfor-mance, by issuing a formal warning or placing them on proba-tion.

Probation should be for a fixed period of time. You should let the employee know what improvement you expect and provide sup-port, such as training, to achieve it. Depending on the terms of the employment contract, you may be able to withhold certain benefits and provide shorter notice of dismissal while the em-ployee is on probation. Make sure you have this all formally re-corded and refer to it at each 1-2-1 or appraisal.

Trust

Only 26% of business owners we surveyed had ‘complete trust’ in their employees to have fun and get the job done, with a further 64% expressing only ‘partial trust’.

Trust is an essential part of the employer/employee relationship, it encourages loyalty from both sides, it aids communication, creates a positive workplace environment and of course if an employee feels they are trusted they are more likely stay with the company.


So as you can see, perks are important to employees. A business that offers even the simplest perks will better retain its staff, as these can boost wellbeing and encourage people to work hard for the business.

These perks don’t have to be costly to a business as they are often used by a wide number of employees and are generally less expensive than other strategies such as bonuspackages.

48% of those earning more than £55k were influenced by cultural perks in the workplace and were more likely to expect ‘Google’ or ‘Facebook’ style offices.

Younger workers are also motivated by rewards, with more than 75% of 16-25 year-olds saying they would work harder if they received better workplace perks.

Perks


Probation

You could give them a final opportunity to improve their perfor-mance, by issuing a formal warning or placing them on proba-tion.

Probation should be for a fixed period of time. You should let the employee know what improvement you expect and provide sup-port, such as training, to achieve it. Depending on the terms of the employment contract, you may be able to withhold certain benefits and provide shorter notice of dismissal while the em-ployee is on probation. Make sure you have this all formally re-corded and refer to it at each 1-2-1 or appraisal.

79% of people joining our workforce said they thought a fun place to work was important to them.

Fun is a great way of allowing people to take a break from pressures of the ‘always on culture’ and also to create an innovative culture. What’s more if workers feel their job is fun, or it is a fun environment to work in, you are more likely to keep them in your business for longer.

Fun and play


Examples of such fun can include:

Dress down Fridays

Table tennis tables

Charity fundraising days

Office parties & nights out


Want to find out more about how fun can benefit your business? Download our

‘Play and Productivity’ report today

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